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Why should I buy life insurance?
We all need life insurance. But what is the difference between one policy and another? How much do we need? When should we buy? Here are a few things to consider:
Replacement of income: If people depend on your income, life insurance can replace that money for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a spouse.
Pay final expenses: Life insurance can pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
Inheritance: Create an inheritance for your heirs even if you have no other assets to pass on. Your survivors can create an inheritance by buying a life insurance policy and naming themselves as beneficiaries.
Create a source of savings: Some types of life insurance create a cash value that, if not paid out as a death benefit, this policy can be borrowed or withdrawn on the owner's request.
Charitable contributions: By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy's premiums.
For information on Long-Term Financial Planning Strategiesany questions, problems & inquiries regarding :
- Your existing Life Insurance Policy, Pension Plan or Mutual Fund Investment
- Industry update & trends
- What are your options this tough times- To Save or To Invest
- Draft of a Personal Financial Blueprint
- You’ve Work so Hard, now Know how to make your money Work for You
- How to Protect your Income and make sure the Kids go to school w/ or w/o your Income support
- Estate Tax Magic!
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